The company has campus-format office parks strategically located in Mumbai, Noida, Gurugram and Kolkata. The Brookfield India Real Estate Trust (REIT), backed by Canadian asset manager Brookfield Asset Management, will open its initial public offer (IPO) for subscription on February 3 as it aims to raise Rs 3,800 crore. The net proceeds from the issue would be utilised mainly for repaying debt.
The bids will open next week on Wednesday and close on Friday (February 5). Brookfield has fixed a price band of Rs 274-275 per unit for the issue and bids can be made for a minimum of 200 units and in multiples of 200 units thereafter by bidders other than anchor investors.
The portfolio comprises 14 million square feet (msf) with 10.3 msf completed area, 0.1 msf under construction and 3.7 msf of future development. Its completed area has an occupancy rate of 92%. The company has campus-format office parks strategically located in Mumbai, Noida, Gurugram and Kolkata.
Ankur Gupta, who is the managing partner in Brookfield’s real estate group and head of real estate in India, said on Friday that commercial real estate is a function of location and of supply-demand characteristics.
“We are starting with a portfolio of 14 msf. A very key element of our REIT is the fact that operating and development risk in the REIT is lower than any of our peers and 93% of our assets are fully completed. To add to the portfolio of 14 msf, Brookfield has identified almost 15 msf of assets similar in quality and in tremendous locations across Mumbai and Delhi to be contributed through this REIT over the next few years,” he added.
The units of Brookfield REIT will be listed on BSE and NSE. BSE is the designated stock exchange for the issue. Brookfield will hold a majority share in the REIT post the IPO.
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